§31-18C-6. Veterans' mortgage bonds; amount; terms of bonds;
when may issue.
(a) Bonds of the state, under authority of the Qualified
Veterans Housing Bond Amendment of 1984, are hereby authorized to
be issued and sold for the sole purpose of raising funds for the
veterans' mortgage fund, to be used for financing loans. No such
bonds may be issued, however, unless they are part of an issue
described in a written declaration executed by the governor and
filed in the office of the secretary of state. The aggregate
annual amount payable on all such bonds, including both principal
and interest, shall be limited such that the debt service accruing
on such bonds in any fiscal year shall not exceed thirty-five
million dollars exclusive of any amounts payable on such bonds for
which moneys or securities have been irrevocably set aside and
dedicated solely for the purpose of such payment. The total
proceeds of each bond sale shall be deposited in the manner
hereinafter provided and shall be earmarked, designated and used
for the purposes of this article.

(b) The description contained in any declaration with respect
to an issue of bonds hereunder shall specify that the veterans'
mortgage fund program is to be financed through the issuance of the
bonds, the estimate of the cost of loans, the aggregate amount of
outstanding bonds which may at any point in time constitute a part
of such issue, the time or times and manner of sale of such bonds,
and the particular terms of such bonds, or the manner in which such terms will be determined, including the date or dates, time or
times of issuance, time or times and amount or amounts of maturity
or maturities, specified or variable rate or rates of interest, the
form of such bonds and provisions for registration or exchange, if
applicable, the method and manner of payment of such bonds, the
provisions, if any, for redemption or renewal of such bonds, and
specifying such other similar matters as the governor may determine
to be necessary and appropriate in connection with the sale and
issuance of the bonds.

(c) Such bonds shall be executed by the governor under the
great seal of the state, attested by the signature of the secretary
of state, and the coupons, if any, attached thereto shall be
authenticated by the signature of the governor. Such signatures may
be by facsimile signature, but, unless provision has been made for
the authentication thereof by a bond registrar determined to be
responsible by the governor, each bond shall bear at least one
manual signature.

(d) Prior to the preparation of definitive bonds, the governor
may under like restrictions issue temporary bonds with or without
coupons, exchangeable for definitive bonds upon the issuance of the
latter. Such bonds may be issued without any other proceedings, or
the happening of any other conditions or things than those
proceedings, conditions or things which are specified and required
by this article or by the constitution of the state.